<PAGE>
AMENDMENT TO
STATEMENT OF ADDITIONAL INFORMATION
SIFE TRUST FUND
On July 14, 1996, Mr. David M. Sacks, Chairman of the Board of SIFE Trust
Fund (the "Trust Fund"), passed away. Further, on July 25, 1996, Mr. Sam A.
Marchese announced his retirement as President and Chief Executive Officer of
SIFE, Inc. (the "Management Company"), the investment advisor for, and
distributor of, the Class I and Class II units of the Trust Fund, and
submitted his resignation as President and Chief Executive Officer and
Director of the Trust Fund, effective July 26, 1996. Bruce W. Woods, formerly
Executive Vice President and Chief Operating Officer of the Management
Company, was elected on July 25, 1996 by the shareholders of the Management
Company to succeed Mr. Marchese as President and Chief Executive Officer.
In response to these events, the Board of Directors of the Trust Fund, at a
Special Meeting held on July 26, 1996, took the following actions:
1. Accepted the resignation of Sam A. Marchese as President and Chief
Executive Officer and Director of the Trust Fund, and elected Mr.
Marchese to the newly created office of Director Emeritus, in both
cases as of July 26, 1996;
2. Appointed Bruce W. Woods as President and Chief Executive Officer and
of the Trust Fund, and elected Mr. Woods a Director to fill the
unexpired term of Mr. Marchese;
3. Elected Haig G. Mardikian, a director of the Trust Fund, as Chairman of
the Board of Directors to succeed Mr. Sacks; and
4. Elected Walter S. Newman, a director of the Trust Fund, as Vice
Chairman of the Board of Directors to succeed Mr. Mardikian.
On August 16, 1996, the Nominating Committee of the Board of Directors
nominated Mr. Neil L. Diver, a businessman independent of any affiliation
with the Management Company or the Trust Fund, to fill the unexpired term of
Mr. Sacks. Both the full Board of Directors, and the "non-interested"
Directors, voting separately, unanimously elected Mr. Diver as a member of
the Board of Directors, effective immediately.
September 5, 1996
